Roth IRAs

Roth IRAs

Who should consider converting to a • Purchase umbrella liability coverage as Roth IRA? a backstop for data breach insurance A Roth IRA may be right for you if: and other insurance policies. Umbrella coverage kicks in when the claim is • You believe your tax rates will be higher greater than your primary insurance in the future coverage limits and is generally very • Your income may be lower than usual affordable. • this year Your IRA account value is lower this year Data Breaches – Industry studies show due to the pandemic that data breaches cost small to medium • You don’t need the money to live on for businesses an average of $200,000. These at least five years costs include customer notification, fines, • You want to leave the money to your investigation costs, defense attorney fees heirs and the expense of providing affected • You are concerned about estate taxes individuals with a year of identity theft

Who should not convert? Information provided by:

A Roth conversion may not be the best strategy if: • You will need the money within five years • You’re in a higher tax bracket now than you expect to be in retirement Traditional IRA owners can now continue to make contributions past the age of 70 ½. Effective in 2020, non-spousal heirs can no longer stretch IRA distributions over their lifetimes. Instead, funds must be distributed within ten years of the original owner’s death. (Some exceptions apply.) For 2020, a new ‘above-the-line’ deduction for cash donations of up to $300 is available for non itemizers.

Protecting your business:

• Provide data security training to all employees • Run automatic network virus scans and antivirus software updates • Download the latest operating system and software updates and patches • Purchase data breach insurance and consider cyber liability insurance and technology errors and omissions policies monitoring services after the breach. Any Brick You Use Can Last for Hundreds of Years. So Be Particular.

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3705 S. Coddington Lincoln, NE 68522 (402) 477-6663